Bank stocks help boost VN-Index

Local shares posted mixed results on May 10 on the two exchanges, foreign investors returned to their net buy in the southern bourse of the HCM Stock Exchange.

Seeing a wide decline in the overall market, however, the benchmark VN Index on the HCM Stock Exchange rose 1.2 points or 0.2 percent to reach 605.05 points in HCM City thanks to some banking stocks and two transactions of three million shares of realty Vingroup (VIC) and 28 million shares of agriculture firm of Hoang Anh Gia Lai Agricultural Group (HNG).

While banks were the major factor that drove the VN Index down on May 9, they were the major supporters lifting the index up yesterday, according to Sai Gon-Hanoi Securities Corp (SHS)'s daily report.

Investors on Sai Gon Securities Inc's exchange platform. Photo: VNS

Shares of the Bank for Investment and Development of Vietnam (BID) and the Vietnam Commercial Joint Stock Export Import Bank (EIB) increased 2.8 percent each while Vietcombank (VCB) also closed up 1.25 percent, and Vietinbank (CTG) added 0.58 percent.

Representing insurance stock, Bao Viet Group (BVH) gained 1.75 percent and was among one of the stocks bought by foreign investors on HoSE. Other contributors of the day included shares of technology group FPT Group (FPT), PetroVietnam Fertilizer and Chemicals Corporation (DPM), and HCM City Infrastructure Investment JSC (CII).

Meanwhile, the large-cap shares group, Vietnam Dairy Products Joint Stock Company (VNM) lost 0.69 percent while Masan Group (MSN) and PetroVietnam Gas Joint Stock Corporation (GAS) stayed unchanged from May 9.

Stocks of the two biggest securities firms, HCM City Securities Corp (HCM) and Sai Gon Securities Inc (SSI), continued to experience losses while Kim Long Securities (KLS) added 2 percent. Shares of the Sai Gon-Hanoi Securities Corp (SHS) and VNDirect Securities Corporation (VND) stayed unchanged in the market.

The HNX Index on the Hanoi Stock Exchange lost 0.2 points or 0.25 percent to end at 80.2 points. The majority on the northern bourse were losers with 119 decliners and 84 advancers.

Shares which most influenced the northern bourse such as Asia Commercial Bank (ACB), PetroVietnam Technical Services Corporation (PVS) and Drilling Mud Joint Stock Corporation (PVC) all declined on May 10.

At the end of the day, both local markets combined traded more than 183.3 million shares, worth nearly VND 2.9 trillion (USD 128.8 million). The foreigners net bought 1.79 million shares on the two exchanges, up nearly five-fold compared to last week's session. The foreign buying value of the day reached VND 76.9 billion.